PMG Considers Selling Off Part Of Empire World Towers Site, Building One Tall Tower

More interesting tidbits about the PMG acquisition of the Empire World Towers site came in a Herald interview last week:

  • Fortress Credit Co. LLC provided financing to PMG for the purchase (the parent company of Fortress also owns All Aboard Florida, which is building MiamiCentral a few blocks away)
  • PMG President Kevin Maloney says that ‘people are asking us’ to sell the back of the Empire World Towers site. If PMG sells, they would build just one bayfront condo tower
  • Another option is to retain the full site and build two towers. One would be condo, the other rental
  • Maloney says that he would like to build something tall on the site, but ‘ultimately, the FAA will decide’ (Maloney is a licensed pilot)
  • A PMG principal says that they like working with architect Carlos Ott

 

 

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Laz
6 years ago

im really hoping that they buy the Holiday Inn Property. it makes little sense for that site.

Grato
6 years ago

THank God they like working with Carlos Ott.

Edin Coralic
6 years ago

Build high who cares for FAA,that site deserves at least 1000 footer.

Obviously
6 years ago

It would make no sense for the FAA to say they have no problem with the twin 1000ft towers of Empire world and then turn around and say they do have a problem with a 1000 footer now after saying they’re OK with that stupid looking 1000ft Skyrise structure which is in the same vicinity.

MiamiHurricane1
6 years ago

Well skyrise is further back so in the FAAs defense it would make more sense

XVS
6 years ago

So, Fortress finances PMG, but couldn’t finance its own All Aboard Florida unit (which had to solicit investors for junk bonds with 12 percent coupon).
This makes sense only if Fortress is yield arbitraging and is lending to PMG at significantly more than 12% interest. In which case PMG has to start building very soon, or flip the land.

trust
6 years ago

@XVS, don’t overthink it. This is an established development firm, not a dentist-turned-developer. There were likely a number of lenders on this piece and there is no way PMG would take out a loan significantly north of 12% and put themselves in a situation where they needed to build right away or else, especially on a project of this size. If Echo Brickell is any indication, they like to take their time to do it right before they build.